"Potential Loss: Workers Face No COLA Increase in 2024"

A survey of business leaders suggests that employees may not see their paychecks catch up with the rising cost of living, as nearly half of the surveyed leaders stated they won't give cost-of-living adjustments (COLA) next year, and 26% may not give any raises at all. Despite recent wage increases, inflation has largely offset the gains, and with the job market shifting in favor of companies, workers may struggle to regain lost purchasing power. The majority of raises will be performance-based, with only a portion of employees receiving them.